Waters announces third quarter 2009 sales; foreign currency translation impacts sales growth

Waters Corporation (NYSE/WAT) reported today third quarter 2009 sales of $374 million, a decrease of 3% over sales of $386 million in the third quarter of 2008. These quarterly sales include an adverse foreign currency translation impact of approximately 1%. On a GAAP basis, earnings per diluted share (E.P.S.) for the third quarter were $0.79, compared to $0.71 for the third quarter in 2008. On a non-GAAP basis, E.P.S. were up 3% to $0.81 in the third quarter of 2009 from $ 0.79 in the third quarter of 2008. A reconciliation of GAAP to non-GAAP E.P.S. is attached.

Through the first nine months of 2009, sales for the Company were $1,070 million, a decrease of 8% in comparison to sales of $1,157 million in the first nine months of 2008. Foreign currency translation contributed negatively to sales growth during the first nine months of 2009 and reduced sales by 4%. E.P.S. for the first nine months of 2009 were $2.26 compared to $2.21 for the comparable period in 2008. On a non-GAAP basis and including adjustments on the attached reconciliation, E.P.S grew 4% in the first nine months of 2009 to $2.33 from $2.24 in 2008.

Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, “Business trends in the third quarter suggest a stabilization of demand by our major end markets. Customer interest in our new products is encouraging and indicates that research-related spending may benefit our future results. Additionally, our focus on expense and balance sheet management is reflected in the third quarter’s financial results, including excellent cash flow generation in the quarter.”

As communicated in a prior press release, Waters Corporation will webcast its third quarter 2009 financial results conference call this morning, October 27, 2009 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose “Investor” and click on the Live Webcast. A replay of the call will be available through November 3, 2009, similarly by webcast and also by phone at 203-369-1708.

 http://www.waters.com/